Guar Gum: Market Dynamics, Growth and Forecast to 2022

Posted May 28, 2020 by mitakumar2

Guar gum is also being increasingly used in different industries such as food, oil & gas, and pharmaceuticals. It performs a wide range of functions such as acting as a friction reducer, binder, thickener, stabilizer, and gelling agent.

The market for guar gum is projected to grow at a CAGR of 7.9% from 2017 to 2022, to reach USD 1.15 billion by 2022. The growth of the guar gum market is driven by the rising demand for convenience foods in the food industry and growing demand for guar gum in the oil & gas industry. Growing awareness among consumers about health & nutrition has resulted in an increased interest in natural and organic products such as guar gum.

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Market Dynamics for Guar Gum Market

Increasing application of guar gum due to its multi-functional properties is driving growth.

Growing awareness among consumers about health & nutrition has resulted in an increased interest in natural and organic products such as guar gum. Guar gum, as a natural ingredient, has several health benefits, such as reducing serum low-density lipoprotein (LDL) cholesterol and triglycerides and increasing glucose tolerance. This has driven food manufacturers to use natural gums in various food applications. In the food industry, guar gum is used as a thickener, stabilizer, emulsifier, binding agent, coating agent, texturing agent, and gelling agent for frozen food products, baked food products, dairy products, sauces & salad preparations, confections, beverages, and pet food. Apart from the food industry, properties of guar gum such as binding, fracturing, waterproofing, and gelling make it an ideal additive for different industries such as oil & gas, mining, explosives, textiles, pharmaceuticals, textile, and water treatment.

Lack of R&D in some countries is restraining the growth of the market.

Although Asia holds the largest share in the production of guar and its derivative products, there is a lack of general R&D facilities focused on the guar industry in countries such as India and Pakistan. These countries do not have reputed R&D associations focusing on guar seed production, development of industry-specific products, manufacturing & processing technology, or plant & machinery along with no proper distribution infrastructure. Although some institutions in the country are focusing on the development of certified seeds, agricultural universities and existing research institutions do not have the required resources and are facing a monetary crunch for researching the development of new varieties, optimizing product processing, and technology development. Even the farmers willing to use certified seeds are unable to purchase it at an affordable price. Along with these factors, human resources engaged in the guar industry would need to be trained to develop skilled manpower within the industry. Indian manufacturers need to divert a part of the revenue from export taxes to create national level R&D institutes for the purpose.

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North America is projected to account for the largest market size during the forecast period.

North America is projected to hold the largest share in the guar gum market during the forecast period. The oil & gas industry is booming in the North America region; this region dominates the global market, followed by Europe and Asia-Pacific. The demand for natural additives and processed food among consumers is fueling the growth of the food-grade guar gum market, while the demand from the oil & gas drilling industry for hydraulic fracturing is driving the industrial-grade guar gum market. A large volume of guar gum imported by the US and Canada for the oil & gas industry is the main reason contributing to the dominance of North America in the global market. A few leading manufacturers occupying a significant share in the market across North America include Ingredion, Incorporated (US), which acquired global guar gum leaders, TIC Gums, Inc. (US) & Penford Corporation (US), Ashland Specialty Ingredients (US), and Cargill (US).

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Issued By MarketsandMarkets™ INC.
Country United States
Categories Food
Tags guar gum market
Last Updated May 28, 2020